Danilov told a conference that the failed banks had a combined market share of less than 5 percent and the Russian central bank’s speedy action had “largely preserved” depositors’ confidence in the system.

However he said that with the central bank focused on cleaning up the banking sector there could be “more surprises” such as Otkritie and B&N in coming years. (Reporting by Claire Milhench; writing by Sujata Rao)